Ortho Clinical to redeem $430 million notes, repay $854 million loan

By Cady Vishniac

Detroit, Jan. 19 – Ortho Clinical Diagnostics SA plans to use net proceeds from its initial public offering to redeem $160 million of notes due June 1, 2025, $270 million of notes due Feb. 1, 2028, and repay $854 million outstanding under a term loan facility that matures on June 30, 2025, according to a S-1 filing with the Securities and Exchange Commission.

The company expects proceeds of approximately $1,640,300,000, based on an assumed offering price of $21.50 per share. Remaining proceeds after the paydown and redemptions will be used for general corporate purposes. Net proceeds are estimated in the range of $1,427,700,000.

As of September 2020, $400 million of the 2025 notes, $675 million of the 2028 notes, and $2.2 billion of the loan facility remained outstanding.

The issuer is a Raritan, N.J.-based in vitro diagnostics company.

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